Retirement is a time to relax and rejoice in the fruits of your labor. It is a time to make finally upgrade your home with that swimming pool you always wanted, or take that trip around the world you planned for years.
But if you are pressed for funds during retirement, it can be hard to achieve your goals or fulfill the dreams you have long held for your golden years.
For seniors with significant home equity though, there is an answer, and that is to apply for a reverse mortgage.
What is a Reverse Mortgage?
A reverse mortgage may be your ticket to living your dream retirement. It is a loan you can use to borrow against your home equity.
Reverse mortgages offer many benefits in terms of flexibility and affordability. They give you a chance to maximize financial freedom.
Get More Out of Your Golden Years
What can you do with a reverse mortgage? The answer is “anything you want!” your reverse mortgage funds are yours to use with zero limitations in any way you choose.
- Catch up on your bills.
- Pay off old debts.
- Pay your medical bills.
- Repair or upgrade your home.
- Purchase a new automobile.
- Repair your current vehicle.
- Make a down payment on a second home or vacation home.
- Go back to school or pay for a child or grandchild to go to school.
- Start a new business.
- Go on a dream vacation.
- Put the money into your savings account.
Those are some of the ways in which our customers have used reverse mortgages. You might have something else in mind entirely. Whatever it might be, you have full freedom to use your funds as you see fit.
A Flexible Loan With Incredible Benefits
Few other products can compete with a reverse mortgage. Here are the benefits that make a reverse mortgage such an advantageous choice for senior citizens:
- You get to use your reverse mortgage in any way you want. The lender has no say.
- Typically, there is no tax on the money you receive through a reverse mortgage.
- You can choose whether you want to receive the income from the reverse mortgage as a lump sum, a line of credit, or a set of instalments.
- You can live in your home for as long as you want after taking out a reverse mortgage.
- You will not need to pay off on the reverse mortgage until a maturity event occurs. Examples of maturity events that would make a reverse mortgage come due include the death of the last borrower or the sale of the house.
If the house and the reverse mortgage pass to your heirs, they can either keep the house and pay off the loan, or they can sell the house to pay off the loan.
Are You Eligible for a Reverse Mortgage in Texas?
Here are the basic eligibility requirements to qualify for a reverse mortgage:
- At least one borrower must be at least age 62.
- You must not be behind on any of your home maintenance payments.
- You need to own sufficient equity in your home to borrow against it.
- The equity you are borrowing against must be in your primary residence. You cannot borrow against the equity in a second home, investment property, or vacation home.
- Your credit score, tax history, and income will be assessed.
We can answer any questions you have about qualifying for a reverse mortgage during your consultation.
Apply Now for a Reverse Mortgage in Dallas or Beyond
You have dreams and goals for your retirement, and a reverse mortgage can help you make them happen.
To get the extra income you need now to live comfortably during your golden years, please give us a call at (469) 886-8300 to schedule your consultation.